Stocks edged higher in early trading Wednesday following a report that business hiring surged in June, a promising sign for economic growth. The report comes a day after news of stronger manufacturing in the U.S. and China helped push the stock market to another all-time high.
KEEPING SCORE: The Standard and Poor's 500 index rose one point, or 0.1 percent, to 1,974 as of 9:58 a.m. in New York. The Dow Jones industrial average climbed 16 points, or 0.1 percent, to 16,791. The Nasdaq composite rose six points, or 0.1 percent, to 4,464.
JOBS: ADP, a payroll processer, said businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's jobs report, due out Thursday, could also show a significant gain from May's tally of 217,000 jobs. The ADP survey only looks at the private sector, however, and often diverges from the government's more comprehensive report.
WINE, LIQOR AND BEER: Constellation Brands, the owner of the Corona and Negra Modelo beer brands, jumped $2.67, or 3 percent, to $91 after the company said its fiscal first-quarter net income soared. The earnings exceed the expectations of Wall Street analysts.
A DEAL: Kroger, a supermarket chain, announced plans to buy the online vitamin seller Vitacost.com in a $280 million deal. Cincinnati-based Kroger said it will pay $8 per share in cash for Vitacost.com, a 27 percent premium over its closing price of $6.28 on Tuesday. Vitacost.com jumped $1.71, or 27 percent, to $7.99.
BONDS AND COMMODITIES: Government bond prices fell. The yield on the 10-year Treasury note, which moves opposite to its price, rose to 2.60 percent from 2.57 on Tuesday. The price of oil dropped 64 cents, or 0.6 percent, to $104.69.
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